China's 500.com to Purchase Another $8.5M Worth of Bitcoin Miners

The NYSE-listed lottery firm may also acquire another 10,000 miners this year.

AccessTimeIconFeb 2, 2021 at 11:10 a.m. UTC
Updated Sep 14, 2021 at 11:04 a.m. UTC

U.S.-listed Chinese sports lottery firm 500.com (NYSE: WBAI) is set to acquire another batch of bitcoin mining machines after it announced a pivot to the cryptocurrency space in January.

  • 500.com said Tuesday it has inked a definitive agreement to purchase 5,900 bitcoin mining machines for 55.2 million yuan (around $8.5 million), expected to be delivered in the second quarter of this year.
  • Under a wider a framework agreement, the company has agreed in principle to purchase up to 10,000 bitcoin mining machines in 2021, subject to availability.
  • Under the deal, 500.com is required to pay a performance bond of 2,000 yuan ($309) per machine for the first 5,000 machines, or 10 million yuan (roughly $1.5 million) in total.
  • If all 15,900 bitcoin mining machines are delivered, the firm's total hash rate is expected to increased by 1,000 petahashes per second.
  • 500.com first announced on Jan. 11 that it planned to mine bitcoin, saying it would acquire devices worth $14.4 million in an all-equity deal.

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